FX Morning Update February 18, 2014
USD/CAD Open: 1.0967-1.0969 Overnight Range: 1.0946-1.0977
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.58 and gold is at $1,321. US futures are higher. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Oil prices are creeping higher and the Canadian dollar seems rangebound. The Canadian dollar has rallied over the last several weeks. Risk appetite is increasing. Volatility is lower. The focus remains on inflation data which is to be released at the end of the week. A strong inflation number could catapult the Canadian dollar higher.
Today’s Suggested Range USD/CAD: 1.0900 – 1.1000
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 18, 2014 | Daily Update |
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